H.I.G. Capital Signs Definitive Agreement to Acquire RBmedia
SAN FRANCISCO – July 26, 2023 – H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $58 billion of capital under management, is pleased to announce that one of its affiliates has signed a definitive agreement to acquire RBmedia (the “Company”), the world’s leading publisher in audiobooks and spoken content, from KKR. RBmedia’s management team, led by CEO Tom MacIsaac, will continue to lead the Company and remain as shareholders in the business.
Headquartered in Landover, Maryland, RBmedia is a leading independent publisher of audiobooks and spoken content, with a digital retail and library distribution network that reaches millions of listeners around the globe. The Company’s award-winning catalog of more than 60,000 titles is available through more than 50 digital listening platforms, including Audible, Spotify, Apple Books, Google Play, Scribd, Storytel, OverDrive, Hoopla, and others.
“Audiobook consumption continues to experience rapid growth as consumers increasingly embrace digital storytelling formats,” said Aaron Tolson, Managing Director at H.I.G. Capital. “We are excited to partner with Tom and the RBmedia team as the Company continues to shape the audiobook landscape and deliver highly desired spoken word content to listeners around the world.”
“It’s been a privilege to watch all of RBmedia’s talented employees deliver on their ambitious plan to build a leader in spoken word and audiobooks over the past five years,” said Ted Oberwager, a Partner who leads the gaming, entertainment, media and sports verticals within KKR’s Americas Private Equity business. “We have every confidence that H.I.G. will help take RBmedia to even greater heights.”
The transaction is expected to close in 2023 and is subject to customary regulatory approval.
H.I.G. was advised by Morgan Stanley & Co. LLC, RBC Capital Markets, and Latham & Watkins. RBmedia was advised by Goldman Sachs and LionTree, and Simpson Thacher & Bartlett LLP.